United States: The price of meat this Memorial Day may force you to buy veggie burgers

Published 2021년 5월 31일

Tridge summary

Memorial Day weekend sees a surge in barbecue meat prices due to a 1% monthly increase and a 4% annual increase, with some items like bacon and chicken breast seeing up to a 20% increase. This is due to higher costs in feed, labor, transportation, and increased demand as restaurants reopen. The rise in meat prices is part of a broader trend of higher food prices, with grocery store food prices up 5.7% year-over-year in April. The meat industry also faces challenges such as high corn prices, disruptions in the beef supply, and difficulties in rehiring truck drivers and finding quality, well-paid jobs. The USDA predicts that beef and veal prices will increase by 1% to 2% in 2021.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Will you be putting hot dogs and hamburgers on the grill this weekend? Or instead show down on plant-based protein? Barbecues will be heating up this Memorial Day weekend — not just from charcoal or propane, but from the record prices Americans will pay at the grocery store. Beef, pork and corn are must-haves for many Americans this weekend, but this year that demand is coupled with high prices, a bad combination for consumers. Meat prices rose by 1% in April compared to March, and have jumped 4% over the past year, according to the most recent government figures. “Meat prices are often more volatile than some other food price categories,” said Jayson Lusk, head of the agricultural economics department at Purdue University. Costco COST, -2.38% CEO Richard Galanti said on the company's Thursday earnings call that “beef in the last month has been up as much as 20%.” “Some of that is due to feed and labor and transportation costs,” he said. There is also greater demand as restaurants ...

Source: Marketwatch